The global banknote industry has come a long way since the first fully printed paper money. For more: vikas@konceptanalytics.com

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Global Banknote Market Report
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2014

2. Executive Summary
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The global banknote industry has come a long way since the first fully printed paper money appeared in the middle of
19th century. Today, the industry is characterized by a constant that is change. This industry continues to be shaped
and driven forth by regular developments in technologies highlighted by innovations primarily focusing on delivering
newer security features to take on the industry’s dominant threat: counterfeiting. Newer banknotes embodies a range of
security features including 3D security ribbons, watermarks, security threads, portrait modifications and micro printing
among others. To take the battle against counterfeiting a step further, countries across the world are increasingly
turning towards basing their currencies on polymer substrate rather than the conventional paper substrate. Some are
also experimenting with what can be called a hybrid substrate, consisting of the best features and abilities of both the
substrates. Countries that have adopted polymer substrates have significantly reduced the risk of encountering
counterfeit banknotes in their respective economies, notably New Zealand, Australia and Switzerland, although none
reported the ride to be smooth.
Money supply in an economy is affected by a number of factors both at the macro level as well as at the micro level.
Major macro factors influencing the amount of money in circulation include GDP, demography, and inflation; whereas
the micro-level factors are user friendliness and safety, etc. Although there seems to be a rapid emergence of other
modes of payment (including plastic money and electronic payment methods) aided by increasing penetration of
internet and rising prosperity across the globe, but none can match the convenience and scale of the traditional mode of
payment, i.e. cash which is keeping the industry afloat.
The following report contains the analysis of the banknote market on a global scale discussing its major segments and
also provides detailed information regarding the key regional markets. Key market dynamics, including trends and
industry developments have also been presented. The competition in the global banknote market is intense with few
large players viz. De La Rue, Geisecke & Devrient (G&D) and Fortress Paper. In addition, global competitive landscape
along with the profiles and key business strategies of the leading players in the market is discussed.

3. The global banknote market remains robust buoyed by factors working at both macro and micro level…
 In 2013, the global banknote issuance reached … billion
notes, an increase of …% over 2012 which is expected to rise
further towards … billion notes by 2014.
 The global banknote market is largely accounted for by its
State Print Works (SPW) segment which occupies …% of the
market. The other two segments, Overspill from SPWs and
Commercial Print Market contributes …% and …%
respectively.
 In terms of manufacturing material, the global banknote
market is dominated by High Specification Paper which
accounts for …% of the market. The other two materials, i.e.
Basic Paper and Polymer, contribute …% and …%
respectively.
 For the second quarter of 2014, the US dollar’s share in the
official foreign exchange reserves stood at …% followed by
Euro’s …%. The Pound Sterling and Japanese Yen each held
a share of …% during the same period.
2009 2010 2011 2012 2013 2014E
Global Banknote Industry by Segment
Billion Notes
Global Banknote Issuance (2009-2014E)
Global Banknote Manufacturing by Material Segment
High Specification Paper Basic Paper
Polymer
State Print Works (SPW) Overspill from SPWs
Commercial Print Market

4. The macro factors include economic growth level, demography and inflation among others…
 In 2013, the US printed approximately … billion notes. Against
the previous year, this quantum of printed notes stands at about
…% of the quantity produced in 2012 .
 In 2013, the Euro Banknote production totaled … billion notes.
On a year-on-year basis, the same displayed a slight decline of
…%, compared to … billion notes in 2012. .
 In the 2014 fiscal, around … million British Pound banknotes
were produced which represented a decrease of almost …%
against … million notes produced in the previous fiscal year.
 During the year 2013, banknotes in circulation in the US,
Eurozone and the UK totaled … billion, … billion and … million
respectively.
US Currency Notes Production (2005-2013)
Euro Banknote Production (2006-August 2014)
Bank of England Banknotes Production (2006-2014)
2005 2006 2007 2008 2009 2010 2011 2012 2013
Billion Notes
2006 2007 2008 2009 2010 2011 2012 2013 2014-
Aug
Billion Notes
2006 2007 2008 2009 2010 2011 2012 2013 2014
Million Notes

5. The micro factors include accessibility, user friendliness, efficiency and safety among others…
 In 2013, the number of counterfeit notes in the UK totaled …
thousand reflecting a mild decline of …% over 2012.
 The number of counterfeit notes in New Zealand fell to … per
million notes in 2013 from … per million notes in 2012.
 In 2013, number of counterfeit notes in Switzerland fell by …% to
… rom … in 2012.
 Countries which have introduced polymer banknotes have
reported significant fall in the number of counterfeit banknotes
including New Zealand and Switzerland,
Number of Counterfeit England Banknotes (2007-H114)
Counterfeit Banknotes Detected In New Zealand (2006-2013)
Number of Counterfeit Swiss Banknotes (2006-2013)
2007 2008 2009 2010 2011 2012 2013 2014
H1
Thousand
2006 2007 2008 2009 2010 2011 2012 2013
Per Million Notes
2006 2007 2008 2009 2010 2011 2012 2013
Number of Notes

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These are abridged and sanitized sample pages from the comprehensive report on the “ Global Banknote Market Report ” .
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